# 稳定币竞争与发展

#稳定币竞争与发展 The Libra controversy in 2019, I still remember how panicked the entire industry was at that time. The reaction from the banking system was almost a survival crisis—thinking stablecoins would drain their deposits. The logic back then seemed perfectly reasonable: since I can hold a digital dollar backed by government bonds on my phone, why keep money in a zero-interest, weekend-closed savings account?
But over the years, the facts have slapped us with data. Studies show that although stablecoins have exploded in market cap, there hasn't been a large-scale loss of bank deposits. I lat

#稳定币竞争与发展 Seeing this research paper really feels like lifting the fog. Over the years, there have been endless debates about "stablecoins crashing banks," but the data has already spoken—massive deposit withdrawals simply haven't happened.
Why is that? Because people overlook a fundamental reality: banks control not just money, but the entire hub of financial life. Mortgages, credit cards, direct salary payments—all intertwined there. This "bundling" creates such strong stickiness that people are willing to accept lower interest rates and poorer services.
But here comes the most interesting

#稳定币竞争与发展 Aave founder personally announces the 2026 strategy, this wave of information is quite substantial! The V4 Hub & Spoke model, Horizon targeting trillions in RWA, mobile app aiming for millions of users...
Honestly, when I saw Stani spend another $10 million on AAVE yesterday, I knew this wasn’t just talk. The protocol’s net deposits of 75 billion in one year, total deposits of 3.33 trillion, and fees of 885 million surpassing the combined total of the last five competitors... This scale is almost on par with the top 50 banks in the US.
What excites me the most is the Aave App, direc

#稳定币竞争与发展 Seeing Aave founder's plans for 2026, I am reminded of a frequently overlooked truth: true long-term value often does not lie in short-term narrative fluctuations, but in the teams that continuously refine the infrastructure.
From an early stage with less than $1 billion to now being comparable to the top 50 banks in the US, this process itself is a textbook in asset allocation. The V4 Hub & Spoke model, Horizon's focus on institutional RWA, and the Aave App's mobile interface for the general public—these are not just for hype but are gradually expanding the capacity of the financia

#稳定币竞争与发展 Recently, an analyst said to be bearish on Bitcoin, citing reasons such as liquidity tightening, AI competition bottlenecks in electricity rather than chips, and the threat of quantum computing... These terms left me a bit confused, but the most interesting part was when he mentioned Tether's movements 🤔
Tether is now investing in gold and AI, and its gold holdings on the balance sheet are even larger than Bitcoin? Is this implying something? I always thought stablecoins were just stablecoins, but now I realize even leading ones like Tether are adjusting their strategies. This make

#稳定币竞争与发展 Rethinking the relationship between stablecoins and banks reveals that the previous narrative framework might have been off.
Cornell's research data is straightforward: the market capitalization of stablecoins has surged, but bank deposits have not declined as expected. What does this indicate? Deposit stickiness is far stronger than we imagined. Direct salary payments, mortgage payments, credit card bills—the convenience of this binding system is enough to offset the few basis points of additional yield from stablecoins. Most users won't shift their financial center from banks to d

#稳定币竞争与发展 Seeing Luke Gromen's remarks, I have to say that the intuition of old folks is still somewhat reliable. I can understand the short-term bearish logic on Bitcoin, but what makes me more cautious is his emphasis on Tether's movements—this is the real signal worth studying.
Remember the chaos of stablecoin projects a few years ago? All kinds of sham collateral and flashy mechanism designs, and in the end, most users lost everything. Now, looking at Tether investing in AI and gold, with gold holdings surpassing Bitcoin, the underlying logic is very clear: **core assets are quietly shift

#稳定币竞争与发展 Seeing Luke Gromen's recent analysis, I have to say a few words. This guy bought Bitcoin below 30,000 and held it all the way until now. Now he's suddenly turning short-term bearish, and this shift is indeed interesting.
Let me summarize the key points: The bottleneck in AI competition has really shifted to electricity, and this logic still holds. But what caught my attention even more is his mention of Tether's movements—their asset-liability statement shows that their gold holdings are actually larger than Bitcoin's. What does this indicate? It suggests that even players who shoul

#稳定币竞争与发展 Citigroup reiterates its long-term optimism for the crypto sector while lowering the target prices of some stocks—this signal is quite interesting. Circle, as a leading player in the stablecoin track, remains a preferred choice, with its price cut from $243 to the current $83, a decline of nearly 66%, yet analysts still recognize its fundamentals. What does this tell us? The competitive landscape of stablecoins is being reshaped.
How USDC performs amid market volatility directly impacts Circle’s valuation logic. I’ve been tracking several top traders in the stablecoin sector, and th